US inflation rose more than expected last month, underpinning expectations that it will be some time before it reaches the Federal Reserve's long-term target.
The Consumer Price Index (CPI) rose 0.3 per cent in January, the Labour Department reported on Tuesday. On an annual basis, inflation rose 3.1 per cent, down from 3.4 per cent in December.
Core CPI – which excludes food and energy – rose 3.9 per cent annually.
Economists surveyed by FactSet estimated inflation would fall to 2.9 per cent year-on-year, with core CPI at 3.7 per cent.
Had inflation fallen in line with expectations, it would have been the first time since 2021 it would have sat below 3 per cent.
Shelter prices, which rose 0.6 per cent, contributed to more than two-thirds of the all-items increase, the Labour Department said. Meanwhile, the energy index fell 0.9 per cent.
The latest CPI report comes as officials at the Federal Reserve consider when they will begin cutting interest rates, which are at their highest levels in 23 years.
The Fed raised interest rates 11 times in its quest to reign in inflation, which had peaked at 9.1 per cent in 2022. By doing so, it has hoped that raising borrowing costs would cool demand and, consequently, inflation.
The US central bank has so far been largely successful but officials say most of the progress is in the goods sector.
While Tuesday's figures were not expected to impact March's decision – where rates are likely to remain unchanged – it could contribute to growing confidence the Fed has hoped for in bringing inflation down to its 2 per cent goal.
US central bank officials have not indicated when they would begin cutting rates, only going so far as to say they expect to do so some time later this year.
The Fed anticipates it will issue three quarter-rate interest cuts this year, according to their December projections. Those projections will be updated after their meeting next month.
Tuesday's inflation report also begins a crucial week of data, including the latest figures on retail spending and the University of Michigan's consumer sentiment survey.
Last month's Michigan survey showed that consumer sentiment had climbed to a two-year high.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
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Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Brief scores:
Day 2
England: 277 & 19-0
West Indies: 154
School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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